Zimmer Energy Transition Acquisition announced that it will redeem all of outstanding shares effective at the close of business June 16, because the SPAC will not complete a merger by its June 18 deadline.
The estimated per-share redemption price will be approximately $10.25, Zimmer Energy Transition said.
Shares will cease trading at the close of business June 15.
The SPAC raised $300 million in an IPO nearly two years ago with plans to capitalize on the Zimmer Partners platform to acquire and operate a business in the energy value chain in North America, with a focus on energy transition and sustainability.
The company is led by CEO and Chairman Stuart Zimmer, the portfolio manager and CEO of Zimmer, which is the investment manager of ZP Utility Fund, ZP Offshore Utility Fund, and the Zimmer Entity. Read more.
